Petros Pharma plunges on $10 mln equity offering

Petros Pharmaceuticals

30/11/2021 14:27

** Petros Pharmaceuticals  PTPI.O  shares down >25% after co
announces $10 mln offering
    ** Co sells 3.3 mln shares to its largest investor and other
existing investors at $3  urn:newsml:reuters.com:*:nPn3b16Ba
    ** ~2.2 mln shares sold as registered direct offering, the
balance in a private placement
    ** Co also to issue unregistered 5-yr warrants to acquire
2.5 mln additional shares at exercise price of $3.50/sh
    ** Petros has ~13.15 mln shares outstanding and roughly 6.7
mln shares of free float, per Refiniitiv data
    ** On Mon, PTPI surged 91% to close at $4 on high volumes
amid attention by individual investors
    ** PTPI is #4 most watched stock on social media site
Stocktwits.com early Tues

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))